Guideline Value for MAGIZHAM ENCLAVE PHASE II

Magizham Enclave Phase II guideline value

The current guideline value of Magizham Enclave Phase II is Rs 1,540 per sq.ft, effective from 1 July 2024. This property is located in Kunrathour-B village under the Kunrathur SRO, classified as Residential Special Type - I.

How the guideline value of Magizham Enclave Phase II has changed

The guideline value for Magizham Enclave Phase II has undergone several revisions since 2017. In 2017, the guideline value was Rs 938 per sq.ft, which increased to Rs 1,400 per sq.ft in 2023, marking a significant rise of 49%. The latest revision in 2024 set the value at Rs 1,540 per sq.ft, reflecting a 10% increase from the previous year.

Overall, from 2017 to 2024, the guideline value has increased by 64%. The register does not have figures for the years 2002, 2003, 2007, and 2012 for this street.

Guideline values in Kunrathour-B

In Kunrathour-B, there are 325 streets under the Kunrathur SRO that carry a 2024 guideline value ranging from Rs 660 to Rs 5,130 per sq.ft. The median value for these streets is Rs 1,540 per sq.ft, making the 2024 figure for Magizham Enclave Phase II equal to this median.

• Magizham Extension: Rs 1,430 per sq.ft (2024)
• Mahalakshmi Nagar: Rs 1,760 per sq.ft (2024)
• Makizham Enclave Phase - I: Rs 1,760 per sq.ft (2024)
• Malai Koil Street: Rs 1,760 per sq.ft (2024)
• Malaiyadivaram Kulakarai: Rs 1,760 per sq.ft (2024)
• Malaiyadivaram Murugan Koil: Rs 1,760 per sq.ft (2024)

Stamp duty and registration fee for property in Magizham Enclave Phase II

For a 1,000 sq.ft plot at the current guideline value of Rs 1,540 per sq.ft, the total guideline value amounts to Rs 15,40,000. The stamp duty at 7% would be Rs 1,07,800, and the registration fee at 2% would be Rs 30,800, leading to a total of Rs 1,38,600. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Magizham Enclave Phase II?

The Sub Registrar Office that covers Magizham Enclave Phase II is the Kunrathur Sub Registrar Office, located at No.59, Road Street, Kundrathur, Chennai -600 069. You can find your SRO for further assistance.

How the guideline value is used when you buy or sell in Kunrathour-B

The guideline value is a crucial factor in determining the stamp duty and registration fees when buying or selling property in Kunrathour-B. It serves as a benchmark for the minimum value at which properties are registered, ensuring that the government receives the appropriate revenue from property transactions.

When a property is sold, the guideline value helps in calculating the charges that need to be paid at the time of registration. Buyers and sellers should be aware that the stamp duty is calculated based on the higher value between the guideline value and the sale price.

Frequently asked questions

What is the current guideline value of Magizham Enclave Phase II?

The current guideline value of Magizham Enclave Phase II is Rs 1,540 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 938 per sq.ft in 2017 to Rs 1,400 per sq.ft in 2023, and now to Rs 1,540 per sq.ft in 2024. This represents an overall increase of 64% from 2017 to 2024.

What is the land classification for Magizham Enclave Phase II?

Magizham Enclave Phase II is classified as Residential Special Type - I under the guideline value register.

Where can I find the Sub Registrar Office for this area?

The Sub Registrar Office for Magizham Enclave Phase II is the Kunrathur Sub Registrar Office, located at No.59, Road Street, Kundrathur, Chennai -600 069.

How is stamp duty calculated for properties in this area?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a property valued at Rs 15,40,000, the stamp duty at 7% would be Rs 1,07,800.